“This would not have happened without the work we are doing to reduce costs and improve our products and services.

“But Europe’s position as the world’s most open market is bringing in a rising tide of imports.

“While we fully support free trade, all trade must be fair and international rules fully respected and enforced.

“Our focus on operational reliability and costs will continue as we pursue further progress towards sustainable financial performance.”

"Though demand remains well below levels we would regard as healthy, we can see greater stability emerging in the markets we serve," he added.

Tata's only steel-making plant - at Redcar - was sold to Thai firm SSI in 2011. It continues to operate the Redcar beam mill, which rolls and finishes construction steel sections, and Hartlepool pipe mill, which supplies pipes for energy projects. The company also has a plant in Skinningrove, east Cleveland, where it provides steel for track shoes on earthmoving vehicles, and runs a research and development centre near Redcar.

Earlier this week, Tata announced its North-East plants had secured £10m of gas pipe contracts.